The present invention, relates to the field of credit card systems, and, in particular, discloses a system wherein a large number of credit cards of different issuers can be replaced by a single card.
Credit cards have been popular for many years, and the prior art is filled with technological innovations which facilitate the use of such cards, and the verification of credit card transactions. One system for automating the use of credit cards is shown in U.S. Pat. No. 3,872,438. This patent discloses a vending machine which can be operated with a credit card, without the need for an attendant. The card has a plurality of discs having a high dielectric constant, the arrangement of the discs forming a code which identifies the owner of the card. If the user of the vending machine fails several times to give the correct identification information, indicating that the credit card may have been stolen, the machine will sound an alarm.
U.S. Pat. No. 4,529,870 discloses another system which can be used for credit card verification. The system includes a card which has microprocessor circuitry embedded within it. The circuitry generates a code which insures that only the true owner of the card can use it. The card is inserted into a terminal, which, when proper identification has been given, permits the user to perform various financial transactions.
U.S. Pat. No. 4,485,300 gives an example of a system using remotely-located computers, the system being designed to verify the validity of a credit card. The system is intended for validation of transactions with so-called "bank" credit cards (such as those known by the trademarks and/or service marks "Visa" and "MasterCard"). Each issuer, i.e. each bank originating the card, determines the degree to which transactions made with its cards are to be checked. The system coordinates the varying desires of the several issuers in determining which cards, and how many cards, are to be investigated in detail before a transaction will be approved.
U.S. Pat. No. 4,472,626 discloses another verification system for credit cards, employing a remotely-located computer. A local microprocessor communicates, via telephone lines, with the remote computer, to retrieve information as to the validity of the credit card.
U.S. Pat. No. 3,624,357 shows another credit card verification system, the system being programmed, when the credit card is found to be valid, to print a credit card slip which constitutes an unsigned negotiable instrument for the amount of the purchase. The signature of the cardholder on the slip turns the slip into a valid check.
There have also been many examples, in the prior art, of means for encoding information onto a credit card, or similar card. For example, U.S. Pat. No. 4,469,937 discloses a method of writing data onto a card by varying the optical properties of a band disposed on the card. The variations in this band constitute the encoded data. The system varies the degrees of contrast in various portions of the band, but these variations are not perceptible to the human eye.
In U.S. Pat. No. 4,476,468, a set of light-changing crystals, embedded in the card, modulates a light beam to reveal the information contained in the card. And in U.S. Pat. Nos. 4,484,067 and 4,506,148, integrated circuits are embedded within the card to provide means for identifying the owner of the card.
Another example of a credit card system is shown in U.S. Pat. No. 4,395,627. This patent shows a system which is designed primarily for credit card purchases from gasoline stations, and discloses a control console connected to a credit card reader and a printer for generating credit card invoices.
All of the above-cited patents are incorporated by reference into this disclosure.
While all of the patents described above provide useful techniques for encoding data onto credit cards, and for automating the credit card verification procedure, none deals with the problem addressed by the present invention. With the proliferation of credit cards that has occurred in recent years, even the relatively infrequent user of credit cards maintains a large number of credit card accounts. It is not uncommon for a customer to hold ten, twenty, or even more credit cards, including bank credit cards, gasoline cards, "travel" cards, and the like. It is very difficult, if not impossible , to fit such a large number of cards into a wallet. Moreover, the greater the number of cards, the greater the risk that some of them can be lost, stolen, or misplaced. And if some, but not all, are stolen, the loss of a few of the cards may not be detected immediately. Furthermore, the person who leaves several less frequently-used cards at home, to conserve wallet space, may suddenly find that the card which is now wanted is not available.
Virtually all the credit cards currently issued by credit card companies are also a security risk for the public. Credit cards almost always show the name of the issuer, and have the account number and the name of the cardholder embossed on the card. This information can be easily read and used by a thief. Although the cardholder's liability in most cases is generally limited, as a matter of law or custom, the fact remains that someone must bear the loss, directly or indirectly. That "someone" is invariably the consuming public.
The present invention solves the problems discussed above by replacing a plurality of credit cards with a single card. Instead of carrying ten, twenty, or more individual cards, the cardholder can use a single card, thereby saving space, and maximizing convenience.